Considerations for Compensation and Benefits - 1442 Words

Considerations for Compensation and Benefits Abstract Compensation is one of the most important considerations perspective employees will make prior to accepting a job offer. For this reason, another performance of Human Resource (HR) professionals is the compensation analysis. The focus of the analyst in this position is to use strategy in formulating compensation and benefits packages that are attractive and conducive to maintaining talented employees (Editorial Board, 2011). As another critical service of HR experts, this document will explore the types of benefits and compensations companies use to meet certain criteria of employees. This work will also provide insight on the ways in which these packages are designed to attract†¦show more content†¦It is not uncommon for these organizations to base pay grades on knowledge or skills of the employee (Forsyth, 2012). Other approaches to generating the compensation and benefits plan may include a balanced sheet approach, global market approach, or even a tax equalization approach. Independent of these concepts, though, Human Resources professionals follow a particular set of equations for generating compensation (Forsyth, 2012). The following chart reflects the metrics for compensation from the HR perspective: (Forsyth, 2012). Private and Public Sector Packages Another, yet debated, topic that affects compensation and benefits will be the sector of the job. By this, we are looking at private and public sector jobs. Public sector jobs are those which are owned and operated by the government. They may be non-profit organizations. Private sector jobs are those which are provided by citizen-owned, for-profit, organizations. It has been debated for years as to whether public sector employees are compensated more â€Å"fairly† than private sector employees. However, if you consider the unlimited resources of the government-owned organization versus that of the privately owned company, it would seem more understandable as to why this variance exists. While both private and public sectors may have similar policies, or indirect compensations and benefits, they may vary in terms of time. ForShow MoreRelatedComponents Of The Compensation Program1463 Words   |  6 Pagesof expatriate compensation After the preliminary consideration, the basic structure of international compensation programs is similar to the structure of domestic compensation programs (Martocchio, 2015). The main component includes base pay and employee benefits. The nonperformance-based incentive and allowance differ international compensation packages from domestic compensation packages. In the following section, I will focus on the difference part between expatriate compensation and domestic compensationRead MoreEffectively Managing Employee Compensation and Benefit Packages1289 Words   |  6 Pagesfor global organizations and the human resource department, is effectively managing employee compensation and benefits packages. Managing compensation structures has become an integral part of many organizations that conduct operations in the global market, as there are many considerations for the host country when sending expatriates abroad. It is imperative for organizations to develop global compensation st ructures that attract and retain quality employees while not impeding operations or diminishingRead MoreEmployment Agreement : Employee Information852 Words   |  4 Pagesqualifications and abilities necessary to contribute to and continue the endeavors of the Employers business. 3. Both parties accept the terms and conditions described in this agreement. 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Employees are beginning to consider leaving the organization. 1.Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, groupRead MoreCompensation Practices During The United States And Japan1161 Words   |  5 Pages â€Å"Compensation is known as one of the most complex areas of international human resource management† (Bohlander, Snell, Morris, 2016). For many years there has been a debate on the wages CEO’s in Japan versus those in the United States. It has been reported that CEO’s in Japan make one-sixth of the income of a CEO’s in the United States (Jilani, 2011). This research paper will examine the similarities and differences of compensation practices utilized in the United States and Japan. In order to truly